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Reliance Capital gains after board approves independent listing of home finance business

Reliance Capital gains after board approves independent listing of home finance business

Sep 14,2016

The announcement was made yesterday, 13 September 2016, when stock market remained closed on account of Bakri Id.

Meanwhile, the S&P BSE Sensex was down 46.19 points or 0.16% at 28,307.35.

On BSE, so far 6.75 lakh shares were traded in the counter as against average daily volume of 5.01 lakh shares in the past one quarter. The stock hit a high of Rs 561.50 and a low of Rs 546.65 so far during the day. The stock had hit a 52-week high of Rs 574 on 9 September 2016. The stock had hit a 52-week low of Rs 303.60 on 12 February 2016. The stock had outperformed the market over the past one month till 12 September 2016, rising 21.96% compared with 0.71% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 32.06% as against Sensexs 6.45% rise.

The large-cap company has equity capital of Rs 252.63 crore. Face value per share is Rs 10.

Reliance Capital said the independent listing of Reliance Home Finance (RHF) is expected to unlock substantial value for existing shareholders of Reliance Capital. The listing of Reliance Home Finance will also lead to increased management focus and accelerated growth in the home finance business. As per the proposal, 49% stake in Reliance Home Finance Limited will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51% stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book to over Rs 20000 crore in the next 18 months. The proposal is subject to necessary shareholders and other approvals. Reliance Home Finance, a 100% subsidiary of Reliance Capital, provides a wide range of loan solutions like home loan, LAP, construction finance and affordable housing loans. The company reported an AUM of Rs 8259 crore ($1.2 billion) during the quarter ended 30 June 2016.

Mr. Anmol A. Ambani, Director, Reliance Capital said Prime Minister, Narendra Modi has set a goal of affordable housing for all by 2022. There is presently an estimated shortage of 10 crore residential units in India. To address the needs of this sector, Reliance Home Finance has charted an aggressive growth plan in this space, and aims to increase its book size to over Rs 50000 crore in the next few years.

On a consolidated basis, Reliance Capitals net profit rose 3% to Rs 207 crore on 48.3% growth in total income to Rs 3663 crore in Q1 June 2016 over Q1 June 2015.

Reliance Capital, a part of the Reliance Group, is one of Indias leading private sector financial services companies.

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Prabhat Dairy gets grant in aid for its cold chain proposal
Mar 28,2017

Prabhat Dairy announced that the Ministry of Food Company Processing Industries, New Delhi has on 27 March 2017 sanctioned a grant in aid to the Company for its cold chain proposal under the Scheme of Cold Chain, Value Addition and Preservation Infrastructure. The maximum amount of grant available under the scheme is Rs 10 crore.

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Formulate suitable strategy to unlock significant growth potential in UPs dairy industry:ASSOCHAM plea to new govt.
Mar 28,2017

Apex industry body ASSOCHAM urged the BJP-led Uttar Pradesh (UP) government to formulate a suitable strategy for unlocking the significant growth potential of dairy sector in the state through productivity enhancement, strengthening and expanding village level infrastructure for milk procurement and providing producers with greater access to markets.

n++With 26 million tonnes (MT) of milk production, UP is ranked on top with 17 per cent in Indias total milk production of over 155 MT as of 2015-16,n++ noted an analysis of National Dairy Development Board (NDDB) statistics conducted by ASSOCHAM Economic Research Bureau (AERB).

n++However, despite commanding highest share in Indias total milk production, the state has registered a meagre 4.7 per cent annual growth in this regard between 2014-15 and 2015-16,n++ highlighted the ASSOCHAM sector-specific analysis.

Milk production across India has clocked over six per cent annual growth during this period.

While the number of registered units manufacturing dairy products in India has increased by 26 per cent between 2010-11 and 2013-14, while the number of such units in UP has declined by five per cent during this period.

Though the total output of dairy products manufactured by these units has increased by about 87 per cent and 96 per cent in India and in UP respectively.

Besides the number of people engaged in these dairy products manufacturing units have also increased considerably by about 29.5 per cent and 42 per cent in India and UP respectively.

n++The dairy sector can play an important role in providing jobs for rural communities as dairy production and processing provide employment, not only to people who work on dairy farms or in dairy plants, but also to the whole sector, from upstream inputs and services providers to downstream marketing of finished products,n++ said Mr D.S. Rawat, national secretary general of ASSOCHAM while releasing the findings of the chambers analysis.

n++Dairying is an important secondary source of income for many of rural families and has assumed the most important role in providing employment and income generating opportunities particularly for marginal farmers and women,n++ said Mr Rawat.

n++There is a need to recognise the importance of small farm dairy units and opportunities for value chain development, which can lead to poverty reduction and rural development in UP,n++ he added.

n++Dairy-sector development can be a powerful tool for reducing poverty and creating wealth in the state,n++ further said Mr Rawat.

The ASSOCHAMs analysis further highlighted that Jammu and Kashmir (16.5 per cent), Madhya Pradesh (13 per cent approx) and Andhra Pradesh (12 per cent) are top states in terms of annual growth in milk production.

It also noted that after Uttar Pradesh, it is the state of Rajasthan (12 per cent), Gujarat and Madhya Pradesh (about 8 per cent each) that have maximum share in milk production across India.

With growth of the economy a shift is seen from the regular diet of cereals to a more varied and nutritious diet of fruit and vegetables, milk, fish, meat and poultry products, all these aspects further highlight the need to build up a robust production as well as supply chain network of milk products.

n++Thus, the domestic dairy market must become increasingly responsive to market signals and changing consumer preferences,n++ the analysis noted.

For higher price realization, one needs to graduate from simple, low-value commodities to high-value added processed products. Marketing holds the key to ensuring that products are available at the right place, at the right time, at the right price. Brand building is an essential exercise for all dairy companies to exploit the full potential of the dairy value-chain. Some of the processed tradable dairy products comprise condensed milk, cheese, dry milk products and butter/ghee.

Following are certain suggestions to the UP government for formulating a long-term strategy for states dairy industry:

1. Promoting dairy entrepreneurship

2. Promoting application of new technologies for higher productivity

3. Strengthen economic viability of dairy farms.

4. Increase link between rural production areas and urban markets

5. Develop packaging in small quantities to meet the needs of poor.

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L&T climbs up after its arm wins major order
Mar 28,2017

The announcement was made during market hours today, 28 March 2017.

Meanwhile, the S&P BSE Sensex was up 191.62 points or 0.66% at 29,428.77.

More than normal volumes were traded on the counter. On the BSE, 2.12 lakh shares were traded on the counter so far as against the average daily volumes of 1.3 lakh shares in the past one quarter. The stock had hit a high of Rs 1,554.90 and a low of Rs 1,547 so far during the day. The stock had hit a 52-week high of Rs 1,615 on 27 July 2016 and a 52-week low of Rs 1,177 on 7 April 2016.

The stock had outperformed the market over the past one month till 27 March 2017, rising 5.34% compared with the Sensexs 1.47% rise. The scrip had also outperformed the market over the past one quarter, gaining 14.19% as against the Sensexs 11.53% rise.

The large-cap company has equity capital of Rs 186.59 crore. Face value per share is Rs 2.

L&T said that the buildings & factories business of L&T Construction has bagged a major design & build order worth Rs 2903 crore to re-develop Mumbais century-old Bombay Development Division (BDD) chawls for Maharashtra Housing and Area Development Authority (MHADA).

The contract is the largest residential project awarded to L&T Construction till date. The scope of work comprises complete design and construction of twenty residential towers for rehabilitation, four high-rise towers for sale and one commercial development within a plot area of 16 acres along with MEP, finishes, onsite/offsite infrastructure, landscaping, demolition of existing structures and logistics involved in therehabilitation of the current occupants.

L&Ts consolidated net profit rose 38.9% to Rs 972.47 crore on 1.7% growth in net sales to Rs 26018.15 crore in Q3 December 2016 over Q3 December 2015.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services.

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Board of NTPC accords investment approval for Talaipalli Coal Mining Project
Mar 28,2017

The Board of Directors of NTPC has accorded investment approval for Talaipalli Coal Mining Project (18 Million Tonnes per annum) at an appraised current estimated cost of Rs. 3004 crore.

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Key benchmarks hits fresh intraday high
Mar 28,2017

Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade. At 11:21 IST, the barometer index, the S&P BSE Sensex, was up 192.24 points or 0.66% at 29,429.39. The Nifty 50 index was currently up 62.15 points or 0.69% at 9,107.35.

The Sensex rose 205.03 points, or 0.70% at the days high of 29,442.18 in mid-morning trade, its highest intraday level since 24 March 2017. The index rose 64.07 points, or 0.22% at the days low of 29,301.22 in morning trade. The Nifty rose 64.55 points, or 0.71% at the days high of 9,109.75 in mid-morning trade, its highest intraday level since 24 March 2017. The index rose 35.60 points, or 0.39% at the days low of 9,080.80 in morning trade.

Among secondary barometers, the BSE Mid-Cap index was currently up 0.67%. The BSE Small-Cap index was currently up 0.80%. Both these indices outperformed the Sensex.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,540 shares rose and 825 shares fell. A total of 152 shares were unchanged.

Engineering and construction major L&T was up 0.70% to Rs 1,557.45 after the company announced during trading hours today, 28 March 2017, that the buildings & factories business of L&T Construction has bagged a major design & build order worth Rs 2903 crore to re-develop Mumbais century-old BDD Chawls for Maharashtra Housing and Area Development Authority (MHADA). The prestigious contract is the largest residential project awarded to L&T Construction till date.

Motorcycle major Hero MotoCorp was down 0.28% at 3330.80. Bahadur Chand Investments (BCIPL), one of the promoters of Hero MotoCorp, raised its holding in the two-wheeler major by picking up 4.45% stake for Rs 2996 crore from another promoter firm in an open market transaction.

BCIPL bought 88.78 lakh shares, amounting to 4.45% stake, of Hero MotoCorp from Brij Mohan Lall Om Prakash (BMOP), a partnership firm of the promoter family members. Shares were purchased at an average price of Rs 3,375, valuing the transaction at Rs 2,996.32 crore. This is an inter-se transfer between the promoters. There is no change in the aggregate promoter shareholding in Hero MotoCorp. The stake of BCIPL has increased to 15.56% from 11.11% earlier. The stake of BMOP has decreased to 18.43% from 22.88% earlier. The disclosure was made during trading hours today, 28 March 2017.

Telecom shares were in demand. Idea Cellular (up 2%), Reliance Communications (up 1.18%), MTNL (up 0.83%), and Tata Teleservices (Maharashtra) (up 0.26%), edged higher.

Telecom major Bharti Airtel was up 0.75% to Rs 341.15. Telecom tower infrastructure provider Bharti Infratel was up 1.79% to Rs 318.15.

Bharti Airtel announced during trading hours today, 28 March 2017, that it has successfully completed secondary sale of over 19 crore shares of its subsidiary Bharti Infratel representing 10.3%, to a consortium of funds led by KKR and Canada Pension Plan Investment Board (CPPIB) for a total consideration of over Rs 6193.9 crore ($951.6 million), executed at a price of Rs. 325 per share. Bharti Airtel said that it will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtels equity holding in Bharti Infratel stands at 61.7%, and that of KKR and CPPIB at 10.3%.

Most IT shares edged higher. Hexaware Technologies (up 1.59%), HCL Technologies (up 1.51%), Oracle Financial Services Software (up 1.23%), Wipro (up 1%), TCS (up 0.91%), Infosys (up 0.72%), MphasiS (up 0.18%) and MindTree (up 0.02%), edged higher. Persistent Systems (down 0.08%) and Tech Mahindra (down 2%), edged lower.

On the economic front, Finance Minister Arun Jaitley yesterday, 27 March 2017, introduced four Goods and Services Tax (GST) bills in Lok Sabha that provide for a maximum tax rate of 40%, an anti-profiteering body and arrests for evading taxes in a bid to overhaul Indias fragmented indirect tax system. All the four bills will be taken up together in Lok Sabha for discussion on Wednesday, 29 March 2017.

Overseas, most Asia stocks rose as investors looked beyond the failure of the Trump administration to replace the Affordable Care Act, aided by improving macroeconomic data out of the US and Europe. Higher oil prices and a rebound in the US dollar against the yen drove gains in Japan. Japans Nikkei 225 rose 0.98%.

US stocks declined yesterday, 27 March 2017, as investors reassessed the prospects for President Donald Trumps ambitious economic agenda after a Republican plan to repeal and replace Obamacare was scrapped last week.

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Bharti Airtel, Bharti Infratel nudge higher
Mar 28,2017

The announcement was made during market hours today, 28 March 2017.

Shares of Bharti Airtel were up 0.72% at Rs 341.05.

Shares of Bharti Infratel were up 1.76% at Rs 318.05.

Meanwhile, the S&P BSE Sensex was up 180.58 points or 0.62% at 29,417.73.

Bharti Airtel said it has successfully completed secondary sale of over 19 crore shares of its subsidiary Bharti Infratel, representing 10.3%, to a consortium of funds led by KKR and Canada Pension Plan Investment Board (CPPIB) for a total consideration of over Rs 6193.9 crore ($951.6 million). The share sale was executed at a price of Rs 325 per share.

Bharti Airtel said it will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtels equity holding in Bharti Infratel stands at 61.7%, and that of KKR and CPPIB at 10.3%.

Bharti Infratel is one of the leading providers of tower and related infrastructure. It deploys, owns and manages telecom towers and communication structures, for various mobile operators.

On consolidated basis, Bharti Infratels net profit rose 25.3% to Rs 620.40 crore on 9.6% growth in net sales to Rs 1530 crore in Q3 December 2016 over Q3 December 2015.

Bharti Airtel is a leading global telecommunications company with operations in 17 countries across Asia and Africa.

Bharti Airtels consolidated net profit fell 54.5% to Rs 503.70 crore on 3% decline in net sales to Rs 23335.70 crore in Q3 December 2016 over Q3 December 2015.

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Bharti Airtel complets sale of 10.3% stake in Bharti Infratel
Mar 28,2017

Bharti Airtel announced the successful completion of the secondary sale of over 190 million shares of its subsidiary, Bharti Infratel representing 10.3%, to a consortium of funds advised by KKR and Canada Pension Plan Investment Board for a total consideration of over Rs 6193.9 crore (approx. USD 951.6 million), executed at a price of Rs 325 per share.

Bharti Airtel will primarily use the proceeds from this sale to reduce its debt. Following the closure of this transaction, Bharti Airtels equity holding in Bharti Infratel stands at 61.7% and that of KKR and Canada Pension Plan Investment Board at 10.3%.

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Shashijit Infraprojects to execute Rs 10 crore worth Grassroots Project
Mar 28,2017

Shashijit Infraprojects has been awarded Grassroots Project from its client Suraj Industries as a part of their expansion programme vide LoI dated 25 March 2017. The approximate project cost is Rs 10 crore. The project is likely to be completed by end of November 2017.

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Technofab Engg jumps after winning new orders
Mar 28,2017

The announcement was made after market hours yesterday, 27 March 2017.

Meanwhile, the BSE Sensex was up 136.96 points, or 0.47%, to 29,370.20.

On the BSE, 8,696 shares were traded in the counter so far, compared with an average volume of 7,618 shares in the past one quarter. The stock had hit a high of Rs 201.30 and a low of Rs 193.90 so far during the day. The stock had hit a 52-week high of Rs 247 on 29 June 2016. The stock had hit a 52-week low of Rs 140 on 16 May 2016.

The stock had underperformed the market over the past one month till 27 March 2017, sliding 1.13% compared with the Sensexs 1.47% rise. The scrip had also underperformed the market over the past one quarter, gaining 3.85% as against the Sensexs 11.53% rise.

The small-cap company has an equity capital of Rs 10.49 crore. Face value per share is Rs 10.

Technofab Engineering said that it won new orders including three orders from Power Grid Corporation of India for about Rs 255 crore in Tripura. All three orders are in the industrial and rural electrification sector and works related to 33/11 KV sub stations & associated lines. The orders have a timeline of thirty three months for completion.

The company also received one order from the Ministry of Agriculture and Animal Resources, Kigali, Rwanda for construction contract for establishment of centre of excellence in farm mechanization for $12.29 million exclusive of taxes and duties in Rwanda. The order has a timeline of twelve months for completion.

Technofab Engineerings net profit fell 9.9% to Rs 2.18 crore on 22.3% drop in net sales to Rs 92.58 crore in Q3 December 2016 over Q3 December 2015.

Technofab Engineering is an engineering and construction company, serving the power, industrial and infrastructure sectors, by executing comprehensive balance of plant (BOP) and auxiliary systems on a complete turnkey EPC (engineering, procurement and construction) basis.

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Intellect Design Arena partners with Mangolian Khan Bank
Mar 28,2017

Intellect Design Arena announced that Khan Bank, the largest commercial bank in Mongolia has selected Intellects debt management platform to centralise operations and digitalise its collection process. Intellects Digital Debt Management system will allow Khan Bank to manage its collections and recoveries more effectively and efficiently.

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L&T Construction secures order worth Rs 2903 crore
Mar 28,2017

The Buildings & Factories Business of L&T Construction has bagged amajor design & build order worth ₹ 2903 crore to re-develop Mumbais century-old BDD Chawls for Maharashtra Housing and Area Development Authority (MHADA). The prestigious contract is the largest residential project awarded to L&T Construction till date.

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Bullions end higher
Mar 28,2017

Gold futures jumped on Monday, 27 March 2017 to finish at their highest level in a month as demand for assets perceived as risky waned, and the dollar dropped in the wake of GOP leaders failure to repeal and replace Obamacare.

Gold for April delivery rose $7.20, or 0.6%, to settle at $1,255.70 an ounce. Futures prices havent settled at a level this high since 27 Feb 2017. May silver also gained 36 cents, or 2%, to $18.108 an ounce.

On Monday, the ICE U.S. Dollar Index fell 0.5% to 99.151 after trading as low as 98.858, its lowest level in four months. Weakness in the dollar can provide a boost to dollar-denominated commodity prices.

U.S. equities, meanwhile, traded mainly lower, though off the sessions worst levels, with the Dow Jones Industrial Average down 0.3% fueling some safe-haven investment demand for the yellow metal.

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Intellect Design gains after securing contract
Mar 28,2017

The announcement was made during market hours today, 28 March 2017.

Meanwhile, the S&P BSE Sensex was up 126.02 points or 0.43% at 29,363.17. The BSE Small-Cap index was up 110.58 points or 0.79% at 14,181.86

On the BSE, 87,000 shares were traded on the counter so far as against the average daily volumes of 1.85 lakh shares in the past one quarter. The stock had hit a high of Rs 119.90 and a low of Rs 116 so far during the day.

The stock had hit a 52-week high of Rs 252.10 on 3 May 2016 and a 52-week low of Rs 107.75 on 15 February 2017. It had outperformed the market over the past one month till 27 March 2017, advancing 2.97% compared with the Sensexs 1.47% rise. The scrip had, however, underperformed the market over the past one quarter, sliding 12.76% as against the Sensexs 11.53% rise.

The small-cap company has equity capital of Rs 50.87 crore. Face value per share is Rs 5.

Intellect Design Arena said that Khan Bank, the largest commercial bank in Mongolia, has selected lntellects debt management platform to centralize operations and digitalize its collections process. lntellects Digital Debt Management system will allow Khan Bank to manage its collections and recoveries more effectively and efficiently.

Intellect Design Arena reported net loss of Rs 21.59 crore in Q3 December 2016, compared with net loss of Rs 13.36 crore in Q2 September 2016. Net sales declined 0.8% to Rs 124.89 crore in Q3 December 2016 over Q2 September 2016.

Intellect Design Arena is a digital technology product solutions provider to the banking and insurance industry.

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Credit growth in exports, shipping, farm mark uptick in sentiment: ASSOCHAM
Mar 28,2017

Export credit grew by a handsome 32 per cent in the current financial year , helped by a smart recovery in the global demand, also leading to an upturn in shipping, an ASSOCHAM Paper has said.

Analysing the RBI data, the paper noted that in the current financial year, up to January 20, some of the selective sectors remained in good shape despite an overall dismal credit growth of just about 3.3 per cent in 2016-17.

Going by the sector-wise deployment of gross bank credit, exports, agriculture and allied activities, shipping, professional services, consumer durables and vehicles were among the top in seeking funds from the lenders.

While the year -on-year export credit grew by 32 percent as on January 20, 2017 (the latest RBI data), shipping saw higher deployment of funds by 15.7 per cent , consumer durables by 17.1 per cent, and vehicles loans by 18. 2 per cent.

n++There are pockets of growth which are keeping the economy on track. This includes agriculture and allied activities (other than food credit) which saw a higher bank credit demand by over eight per cent. The improvement in shipping shows an upward movement in global trade, which is reflected in the smart recovery in the Indian merchandise exports in the current fiscal,n++ said ASSOCHAM Secretary General Mr D S Rawat.

Even as exports grew by a cumulative 2.52 per cent between April-February this fiscal, the expansion has been quite sharp in the later part of the year and in certain specific sector like engineering. For the 11-month period, Indias merchandise exports aggregated USD 245.41 billion against USD 239.37 billion in the same period last fiscal.

The exports fall under the Priority sector lending norms of the banks, adds ASSOCHAM.

n++Surely, things are further improving for the export sector and so is the demand for money,n++ the paper pointed out. Services as a key contributor to the Gross Domestic Product also did well in terms of deployment of credit which saw over eight per cent year on year rise for the period under review.

However, the manufacturing still remains a laggard, witnessing a de-growth of about seven per cent in bank credit deployment. So is the case with other sectors like non-banking finance companies and micro credit. Most of the Non-Performing Assets are locked up in manufacturing in sectors such as steel, besides some infrastructure segments.

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Aurobindo Pharma receives final approval for Meropenem Injection
Mar 28,2017

Aurobindo Pharma has received final approval from the US Food and Drug Administration to manufacture and market Meropenem Injection 500 mg/vial and 1 g/vial. Aurobindos Meropenem injection is a generic equivalent of AstraZeneca Pharmaceuticals Merrem injection. The product will be launched in April 2017.

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